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Let’s start the topic; Economic Impacts of the Fastest Growing Hospitality Industry on Employment

The World Travel and Tourism Council estimates that between now and 2032, the hotel, restaurant and tourism industry will generate 126 million jobs which consist of approximately 6% of the world employment.

Hospitality industry has long been considered to be one of the largest and most important industries in the world, as it provides jobs and economic opportunities to people in every country around the globe.

In fact, according to one recent report, approximately 6 percent of all global employment currently falls under the umbrella of hospitality and tourism, which translates into a whopping million jobs around the world.

While the exact number of jobs that will be created or lost under this category over the next decade remains unclear, one thing is certain: hospitality will continue to remain an essential part of the global economy for years to come.

What is hospitality industry?

Hospitality is an industry that centers on meeting and exceeding customer needs. These needs can range from food and beverage, to housekeeping, to concierge services, and everything in between. As you could imagine there are numerous career opportunities available for people who want to pursue a profession in hospitality. And let’s not forget about the economic impact of this industry which accounts for 6 % total world employment!

A significant source of careers

In the light of such encouraging forecasts, education in the hotel, restaurant, travels, tours, sports and leisure industries must obviously concentrate on providing training of the biggest quality standards.  The hospitality industry is developing rapidly as a result of a variety of factors, not least among them being a changing world economy with a rising middle class. The hospitality industry has been on an upward trend for some time now, with emerging markets fueling growth in new and old markets alike, which has increased demand for qualified staff worldwide. To meet this challenge all sectors have developed programs to offer skills development from basic to advanced levels to prepare their staff for the future needs of these organizations. It should be noted that while people are looking for careers in the hospitality industry, there are also many jobs available. What is interesting about this line of work is that there are always opportunities to find employment. For example, in the United States alone, it was estimated that between now and 2032, the hospitality industry will generate million jobs which consist of approximately 6 % total world employment.

More than a job – an experience

But it must also provide an essential added value – the subtle combination of expertise, style and confidence that comes with professional and personal development. The industry is well aware of this fact, which is why it has made substantial investments in people over the last few years. At last count, there were more than 5 million jobs generated by tourism and hospitality industry worldwide- a figure that will continue to grow as we head towards 2024 when it’s predicted to be 7 million.

Key employee role

Outstanding career opportunities await our both in traditional sectors such as hotels, restaurants, villas and resorts, and also tourism, sports and leisure management, theme parks, national park, the areas of health and wellness, event planning and indeed, in literally any service industry. With so many different roles to choose from, it is easy to find a perfect match for your skill set.

Opportunities for growth

The hospitality industry consists of a wide range of exciting and growing career opportunities. Business travel and tourism are its driving force and represent an important part of the economy in virtually every country. In this context, both the development of the hospitality industry as of today and examples from around the world will be discussed.

A career opportunity for all ages

Over the next 10 years, approximately 126 million jobs of the world’s total employment will be generated by this board industry. The light of such encouraging forecasts, it is important to educate the public about what hospitality is and what careers are available in it. The development of hospitality as an industry has impacted many aspects of our lives and its benefits are far-reaching for both individuals and communities. The two most influential sectors in hospitality are food and beverage as well as hotels and tourism.

Diverse career opportunities

Development of hospitality industry as of today: as a result, many development opportunities exist in this industry. Jobs may include front desk, housekeeping, food and beverage servers, sales or marketing managers and specialized positions in hotels such as valet or concierge.

What does it take to succeed?

To succeed in the hospitality industry, there are 5 major components of hospitality industry: Travel, Lodging, Assembly and Event Management, Restaurant and Managed Services.

Without Travel and Lodging, there is no tourism. It’s that simple. Everyone needs a place to sleep and eat, so it should come as no surprise that these two pillars are some of the most profitable in hospitality. Assembly and Event Management is equally important because if people can’t assemble for an event or convention, then they won’t be able to spend money when they are there.

Education and training are key to success

Education and training are key to success in hospitality industries. The development of hospitality industry as of today has been a considerable factor for many jobs, which is why it is so important that these occupations have individuals with degrees who have knowledge and experience. From working in hotels, restaurants, foodservice or as an entertainment professional, there are opportunities available for those who want to be successful. With examples like Marriott International’s workforce of 250,000 people, whose jobs cover all levels from front desk clerks to senior executives; it’s not hard to see how valuable education can be.

What are the factors that contribute to the success of the hospitality industry?

One factor that contributes to a successful hospitality industry is catering to both locals and international travelers. The hospitality industry needs to be diverse enough that it has something for everyone. A second factor is integrating food and beverage in hotels, as people always want good food and drink, no matter where they are. A third factor that contributes to a successful hospitality industry is knowing what it takes to succeed in this field, whether it is in management or planning.

What are the four factors of hospitality industry?

Hospitality industry examples are hotels, resorts, and restaurants that are services provided to patrons. With so many different hospitality industries there is always room for all types of hospitality jobs. Some hospitality industries that you may be interested in include food and beverage in hospitality industry and what is hospitality? These job opportunities come with varying degrees of education depending on the level in which you would like to advance within this industry. For example, hotel managers must have a bachelor’s degree.

Top 10 Sectors involve of the Hospitality Industry

  • Food and beverage
  • Recreation and Entertainment
  • Tourism
  • Lodging
  • Retail Trade
  • Transportation
  • Warehousing
  • Utilities
  • Construction
  • Booking & rental service on digital highway

The service sector is made up of industries like health care and social assistance which encompasses jobs such as dentists, beauticians, home health aides, physical therapists and so on. As for food and beverage in hospitality industry examples this can include restaurants that prepare food or an organization that provides catering services among other things. Recreation and entertainment includes establishments that provide live music, games and other forms of recreation. For tourism there are travel agencies, theme parks and amusement parks with hotels included as well.

Hospitality industry is an Umbrella

In this umbrella can include but is not limited to tourism, leisure, food and beverage service, restaurants, hotels, casinos and resorts. This does not encompass all aspects of hospitality as those outside the bounds are not discussed.

However, it is evident that this sector is one of great economic importance worldwide. The scope and impacts are explored below;

  • LODGING: Hotels, Motels, Hostels, B&BS, Resorts, Camping’s, etc.
  • FOOD SERVICES: Restaurants, Catering Companies, etc.
  • TRAVEL: Air Lines, Cruise Lines, Rail Services, Car Rentals, etc.

How can we grow in hospitality industry?

To realize the full potential and benefits of tourism, we should focus on training and empowering people through a variety of pathways. There are many opportunities for progression available in hospitality, such as working at restaurants, hotels, tour guides, travel advisors and retail establishments to name just a few.

How to be successful in hospitality industry

When it comes to success in hospitality, there are several factors to consider. You can’t expect for everything to go perfectly all the time, which is why proper risk management is imperative. Here are few short tips to achieve success in the hospitality industry;

  • Lunch an engaging and mobile-friendly hotel website.
  • Promote your hotel business with online travel booking industry
  • Learn how to use social media effectively
    Treat your guests to and innovative experiences
  • Increase hospitality success with effective communication
  • Hire a capable workforce to deliver superior customer service
  • Aim to positive reviews & rating on social media
  • Know your competitors

Final Words

Hotel and tourism businesses have a huge economic impact, providing millions of jobs for people all over the world. Not only do these jobs provide people with a living wage and opportunities to help their families economically, but they also contribute to economic growth in developing nations by providing job opportunities in what would otherwise be an untapped market. Many skills are required in order to successfully run such establishment, which means that education is very important in this industry.  

Bangladesh Hospitality Landscape should take initiative to guide and support in fastest growing hospitality industry especially in private sector.

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Reference & Sources